Market Analysis
Market analysis is compiling and analyzing data about a market and its corresponding consumers. This concept focuses on understanding the attractiveness and the dynamics of a special market within a special industry. Market analysis is essential as it helps to comprehend the business status in a particular industry, offering insight into market trends, market size, and competition. With market realisation, it would be easier to determine if a project is feasible within a given market setup.
Market Analysis Guide & Exam Tips
Introduction: Market analysis is a crucial part of a Project Feasibility Study under the CAPM (Certified Associate in Project Management) concept. It involves a detailed examination and documentation of a given market within a specific industry.
Importance: It helps in making strategic decisions by understanding market trends, customer behavior, supply & demand, and competition. It aids in recognizing feasible opportunities and minimizing risks.
Working: It consists of several components including target market identification, competition analysis, price trend analysis, regulatory constraints analysis, and economic environment analysis.
Answering Exam Questions: To answer the exam questions on market analysis, understand the principles, methods, and concepts well. Formulate responses strategically, highlight trends, and indicate how they influence business decisions.
Exam Tips:
- Always provide well-rounded answers considering all factors like demand, supply, market trends, etc.
- Use real-life examples where possible to demonstrate understanding.
- Review and analyse case studies related to market analysis.
- Stay current with the latest market analysis methods and tools.
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